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09/02/22 Briefing

The S&P 500 futures trade 45 points, or 1.0%, above fair value as investors stick to the buy-the-dip script. The tech-heavy Nasdaq 100 futures have the performance edge and trade 1.2% above fair value amid a downtick in interest rates.

A positive showing in Asian and European equity markets might be supporting risk sentiment, as well as an observation from Dr. Fauci that the U.S. is heading out of the "full blown" pandemic phase. More U.S. states are removing or planning to remove mask mandates.

The earnings story, meanwhile, has been mixed. Chipotle Mexican Grill (CMG 1545.00, +84.65, +5.8%) and Enphase (ENPH 173.75, +29.25, +20.2%) are two earnings standouts, while CVS Health (CVS 109.01, -1.82, -1.6%) and Lyft (LYFT 39.70, -1.50, -3.6%) are trading lower after providing underwhelming guidance.

In the Treasury market, the 2-yr yield is down one basis point to 1.33%, and the 10-yr yield is down two basis points to 1.93% in front of a $37 billion 10-yr note auction (results out at 1:00 p.m. ET). The U.S. Dollar Index is down 0.2% to 95.47. WTI crude futures are down 0.3% to $89.13/bbl.

Today will be another light day in terms of data. Investors will receive Wholesale Inventories for December (Briefing.comconsensus 2.0%) at 10:00 a.m. ET, followed by the weekly EIA crude inventories report at 10:30 a.m. ET. Earlier, the weekly MBA Mortgage Applications Index fell 8.1% following a 12.0% increase in the prior week.

In U.S. Corporate news:

  • CVS Health (CVS 109.01, -1.82): -1.6% despite beating top and bottom-line estimates. CVS reduced the low-end of its cash flow from operations guidance.

  • Chipotle Mexican Grill (CMG 1545.00, +84.65): +5.8% after beating EPS estimates, increasing its long-term location goal to 7,000+ restaurants in North America, and accelerating its unit growth forecast to 8-10%,

  • Lyft (LYFT 39.70, -1.50): -3.6% after issuing downside Q1 revenue guidance due to the Omicron variant slowing ride-share activity in January. The downbeat guidance has overshadowed its better-than-expected earnings report.

  • Enphase (ENPH 173.75, +29.25): +20.2% after beating top and bottom-line estimates and guiding Q1 revenue above consensus.

  • II-VI (IIVI 62.20, -2.71): -4.2% after missing revenue estimates and guiding Q3 revenue below consensus.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the midweek session on a higher note. Japan's Nikkei: +1.1% Hong Kong's Hang Seng: +2.1% China's Shanghai Composite: +0.8% India's Sensex: +1.1% South Korea's Kospi: +0.8% Australia's ASX All Ordinaries: +1.1%.

  • In economic data:

  • Japan's January Machine Tool Orders 61.4% yr/yr (last 40.5%)

  • Australia's February Westpac Consumer Sentiment -1.3% (last -2.0%)


  • In news:

  • Bank of Japan policymaker Nakamura said that CPI is expected to continue accelerating and that an improvement in the domestic economy is now evident.

  • Japan's government is expected to increase a gasoline subsidy. Honda's profit decreased 17% yr/yr in Q3 but the company raised its outlook for the year.



  • Major European indices trade on a firmly higher note. STOXX Europe 600: +1.6% Germany's DAX: +1.7% U.K.'s FTSE 100: +0.9% France's CAC 40: +1.6% Italy's FTSE MIB: +2.2% Spain's IBEX 35: +1.6%.

  • In economic data:

  • Germany's December trade surplus EUR6.80 bln (expected surplus of EUR10.40 bln; last surplus of EUR10.80 bln). December Imports 4.7% m/m (expected -1.5%; last 3.4%) and Exports 0.9% m/m (expected -0.2%; last 1.8%). December Current Account surplus EUR23.90 bln (last EUR18.90 bln)

  • Italy's December Industrial Production -1.0% m/m (expected -0.7%; last 2.1%); 4.4% yr/yr (expected 5.0%; last 6.6%)


  • In news:

  • Bank of France Governor Villeroy de Galhau said that the market's recent reaction to speculation about an ECB rate hike may have been "too strong."

  • France's stats agency expects the country's inflation to accelerate to 3.4% by the middle of the year.

  • Bundesbank President Nagel said that domestic inflation is expected to be significantly above 4.0% in 2022 and that he will advocate for policy normalization if the situation doesn't improve by March.

  • The Central Bank of Iceland raised its key rate by 75 bps to 2.75% in response to hot inflation.



U.S. equity futures:

  • S&P 500 Futures: +37 @ 4,559

  • DJIA Futures: 213 @ 35,675

  • Nasdaq 100 Futures: +184 @ 14,931

Overseas:

  • Europe: DAX +1.7%, FTSE +0.9%, CAC +1.6%

  • Asia: Nikkei +1.1%, Hang Seng +2.1%, Shanghai Composite +0.8%

Commodities:

  • Crude Oil -0.22 @ 89.19

  • Nat Gas -0.153 @ 4.095

  • Gold -0.40 @ 1827.50

  • Silver +0.038 @ 23.238

  • Copper +0.0188 @ 4.4798

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • Adtalem Global Education (ATGE) misses by $0.21, misses on revs; guides FY22 EPS below consensus, revs below consensus

  • Ares Capital (ARCC) beats by $0.02

  • Argo Group (ARGO) expects net adverse prior year reserve development to be $130-140 mln for Q4

  • Assurant (AIZ) beats by $0.18, reports revs in-line

  • Atmos Energy (ATO) beats by $0.01, reports revs in-line; guides FY22 EPS in-line; increases annual dividend 8.8% to $2.72/share

  • Avaya Holdings (AVYA) misses by $0.27, misses on revs; guides MarQ EPS below consensus, revs in-line; guides FY22 EPS below consensus, revs in-line

  • Azenta (AZTA) beats by $0.08, beats on revs; guides MarQ EPS in-line, revs in-line

  • Belden (BDC) beats by $0.06, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY22 EPS in-line, revs below consensus

  • Blackstone Mortgage Trust (BXMT) beats by $0.14

  • Bunge (BG) beats by $0.62, beats on revs; guides FY22 EPS below consensus

  • Cameco (CCJ) beats by $0.05, beats on revs

  • Canopy Growth (CGC) beats by $0.04, beats on revs

  • CDW (CDW) beats by $0.15, beats on revs

  • Chefs' Warehouse (CHEF) beats by $0.07, beats on revs; guides FY22 revs in-line

  • Chipotle Mexican Grill (CMG) beats by $0.29, reports revs in-line, comps +15.2%; increase long term location goal to 7,000+ restaurants in North America; accelerates unit growth forecast to +8-10%

  • CME Group (CME) beats by $0.02, misses on revs

  • CNO Financial (CNO) beats by $0.27, beats on revs

  • Compass Minerals (CMP) misses by $0.09, misses on revs, lowers FY22 adjusted EBITDA guidance

  • Container Store (TCS) beats by $0.07, beats on revs; guides MarQ EPS below consensus but revs above consensus

  • Corsair Gaming (CRSR) beats by $0.10, beats on revs; guides FY22 revs in-line

  • Criteo (CRTO) beats by $0.35, reports revs in-line; guides Q1 revs below consensus

  • Crown (CCK) beats by $0.12, beats on revs; guides Q1 EPS above consensus; guides FY22EPS above consensus

  • CVS Health (CVS) beats by $0.10, beats on revs; guides FY22EPS in-line, reduces low end of cash flow from operations guidance

  • Deciphera Pharmaceuticals (DCPH) misses by $0.11, beats on revs

  • Digital Turbine (APPS) beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs in-line

  • Douglas Emmett (DEI) misses by $0.01, reports revs in-line; guides FY22FFO in-line

  • Doximity (DOCS) beats by $0.17, beats on revs; guides MarQ revs in-line; guides FY23revs above consensus

  • EastGroup (EGP) beats by $0.04, reports revs in-line; guides FY22FFO in-line

  • Enphase Energy (ENPH) beats by $0.14, beats on revs; guides Q1 revs above consensus

  • Equinor (EQNR) reports Q4 results; updates outlook

  • Esco Tech (ESE) reports EPS in-line, misses on revs; reaffirms FY22EPS guidance, revs guidance

  • FleetCor (FLT) beats by $0.13, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY22EPS in-line, revs above consensus

  • FMC Corp (FMC) beats by $0.15, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY22EPS in-line, revs in-line, authorizes new $1.0 bln share repurchase program

  • GlaxoSmithKline (GSK) beats by GBP0.03, reports revs in-line

  • GlobalFoundries (GFS) beats by $0.07, beats on revs; guides Q1 EPS above consensus, revs above consensus

  • Healthcare Services Group (HCSG) misses by $0.11, reports revs in-line

  • Healthpeak (PEAK) reports FFO in-line, beats on revs; guides FY22FFO in-line

  • Highwoods Prop (HIW) beats by $0.08, beats on revs; guides FY22FFO in-line

  • Honda Motor (HMC) reports nine-month results; raises outlook

  • Hub Group (HUBG) beats by $1.05, beats on revs; guides FY22EPS above consensus, revs above consensus

  • i3 Verticals (IIIV) beats by $0.03, beats on revs; guides FY21EPS in-line, revs in-line

  • ICHOR Corporation (ICHR) misses by $0.01, misses on revs; guides Q1 EPS in-line, revs in-line

  • II-VI (IIVI) beats by $0.06, misses on revs; guides Q3 EPS in-line, revs below consensus

  • Inspire Medical Systems (INSP) beats by $0.37, beats on revs; guides FY22revs above consensus

  • Jack Henry (JKHY) beats by $0.18, beats on revs; guides FY22EPS above consensus, revs above consensus

  • Laureate Education (LAUR) sees Q4 and FY22revs above consensus

  • Liberty Oilfield Services (LBRT) misses by $0.14, reports revs in-line

  • Lithia Motors (LAD) beats by $1.33, beats on revs

  • Lyft (LYFT) beats by $0.01, beats on revs, achieves new quarterly record for contribution margin, adjusted EBITDA comes in at high end of guidance range

  • Mandiant (MNDT) beats by $0.03, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY22EPS below consensus, revs below consensus

  • Model N (MODN) beats by $0.07, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY22EPS in-line, revs in-line

  • MSG Entertainment (MSGE) reports Q2 (Dec) results, misses on revs

  • Nabors Industries (NBR) misses by $2.25, misses on revs

  • NCR Corp (NCR) beats by $0.06, reports revs in-line; guides Q1 EPS below consensus, revs in-line; guides FY22EPS in-line, revs in-line; exploring strategic alternatives

  • New Relic (NEWR) misses by $0.01, beats on revs; guides MarQ EPS below consensus, revs in-line

  • Omnicom (OMC) beats by $0.24, beats on revs

  • Onto Innovation (ONTO) beats by $0.12, beats on revs; guides Q1 EPS above consensus, revs above consensus

  • Paycom Software (PAYC) beats by $0.03, beats on revs; guides Q1 revs above consensus; guides FY22revs above consensus

  • Penske Auto (PAG) beats by $0.26, beats on revs

  • Performance Food Group (PFGC) beats by $0.09, reports revs in-line; guides Q3 revs above consensus; guides FY22revs in-line

  • Perion Network (PERI) beats by $0.12, beats on revs; raises FY22guidance

  • Qiagen (QGEN) beats by $0.14; guides FY22EPS above consensus, revs in-line

  • QuinStreet (QNST) misses by $0.02, misses on revs; guides Q3 revs below consensus; guides FY23revs below consensus

  • Radware (RDWR) reports EPS in-line, beats on revs

  • Reynolds Consumer Products (REYN) beats by $0.02, reports revs in-line; guides Q1 EPS below consensus, revs in-line; guides FY21EPS in-line, revs above consensus

  • ScanSource (SCSC) beats by $0.18, beats on revs; guides FY22revs above two analyst estimate

  • SITE Centers (SITC) beats by $0.03, beats on revs; guides FY22FFO in-line

  • StepStone Group (STEP) beats by $0.07, beats on revs

  • Steris (STE) beats by $0.16, reports revs in-line; guides FY22EPS above consensus, raises constant currency organic revenue growth to +11%

  • Teva Pharma (TEVA) beats by $0.04, misses on revs; guides FY22EPS below consensus, revs below consensus

  • Toyota Motor (TM) reports nine-month results; sees FY revs below consensus

  • Trimble (TRMB) misses by $0.01, beats on revs; guides FY22EPS below consensus, revs in-line

  • Trinseo (TSE) beats by $0.04, beats on revs

  • Triumph Group (TGI) beats by $0.01, misses on revs; raises FY22EPS guidance; lowers FY22rev guidance

  • Valvoline (VVV) beats by $0.03, beats on revs; guides FY22EPS in-line, reaffirms FY22revs guidance

  • Varex Imaging (VREX) misses by $0.03, misses on revs; guides Q2 EPS in-line, revs in-line

  • Voya Financial (VOYA) beats by $0.40

  • XPO Logistics (XPO) beats by $0.36, beats on revs; guides FY22EPS above consensus

  • Yum! Brands (YUM) misses by $0.07, reports revs in-line

  • Yum China (YUMC) misses by $0.20, misses on revs


  • General News:

  • Dr. Anthony Fauci says US is heading out of the "full blown" pandemic phase. He is hopeful all pandemic restrictions will end over the coming months, but those decisions will be made at a local or state level, according to Financial Times

  • Illinois plans to remove mask mandate on March 1for public places with the exception of schools as the state plans to appeal judge's ruling against school mask mandate. Chicago will announce a decision for its mask mandates later, according to ABC News

  • New York and Oregon will end mask mandates, but it's unclear if schools will have their separate mandates dropped, according to the New York Times

  • Protesters against vaccination mandates are blocking key bridge in Canada used for the auto supply chain, according to Bloomberg

  • House passes bill to fund government through March 11, sending it to the Senate where it is expected to pass

  • 100 million Americans can now legally bet on Super Bowl, according to Bloomberg

  • 3M (MMM) increases quarterly dividend 0.7% to $1.49/share

  • Aerojet Rocketdyne (AJRD) announces successful building and testing of Stored Chemical Energy Propulsion

  • Albemarle (ALB) in discussions to expand lithium JV with Mineral Resources

  • Azul S.A. (AZUL) reports January 2022 traffic

  • BlackBerry (BB) Chairman/CEO adopted a written stock trading plan

  • Bristol-Myers (BMY) has entered into accelerated share repurchase transactions under agreements to repurchase, in aggregate, $5 bln of Bristol Myers Squibb common stock

  • ChromaDex (CDXC) announces issuance of new U.S. continuation patent, expanding intellectual property portfolio for nicotinamide riboside

  • CI Financial Corp (CIXX) makes strategic investment in Newton Crypto

  • CNB Financial (CCNE) announces upcoming retirement of CEO Joseph B. Bower, Jr.

  • Cohen & Steers (CNS) reports preliminary assets under management as of January 31 of $102.1 bln

  • Ecopetrol (EC) announces the launch of its 2040 strategy and its operational and financial targets for the 2022 - 2024 term

  • Fidelity Nat'l Info (FIS) announces the promotion of Stephanie Ferris to company President effective Feb. 8

  • Fluence (FLNC) announces an agreement with The AES Corporation (AES) to employ the AI-powered Fluence IQ Bidding Application to maximize the value of a 1.1 GW portfolio of solar and energy storage projects in the Western United States

  • Fluor (FLR) announces upcoming retirement of Alan Boeckmann as executive chairman

  • fuboTV's (FUBO) Fubo Gaming announces market access agreement with Cleveland Cavaliers

  • Guess? (GES) issues statement in response to letter from Legion Partners

  • IGM Biosciences (IGMS) announces its progress in two Phase 1 clinical trials evaluating IGM-6268

  • II-VI (IIVI) announces that it shipped its 400G ZR+ QSFP-DD-DCO transceivers, the world's first with 0 dBm output power, to Windstream Wholesale for field qualification

  • Mandiant (MNDT) announces new strategic alliance with SentinelOne (S)

  • Missfresh Ltd.: (MF) compared with pre-holiday sales levels, the gross merchandise value generated on its platform doubled during the Chinese New Year holiday

  • Primerica (PRI) increases quarterly dividend to $0.55/share from $0.47/share

  • Rivian (RIVN) and Samsung (SSNLF) partnership has ended, according to Digitimes

  • Silence Therapeutics (SLN) announced positive topline results in its phase 1 single-ascending dose study of SLN360

  • Southwest Air (LUV) and the Transport Workers Union reach a tentative agreement for the over 400 dispatch employees

  • Teradata (TDC) announces a $250 mln accelerated repurchase program with JPMorgan Chase (JPM)

  • Tesla (TSLA): California aiming to file lawsuit against Tesla over alleged discrimination, according to Reuters

  • Velodyne Lidar (VLDR) won a patent challenge brought by competitor Quanergy (QNGY)

  • XPeng (XPEV) announces inclusion of its shares in the Shenzhen-Hong Kong Stock Connect Program

  • Yamana Gold (AUY) Reports Updated Mineral Reserves and Mineral Resources Underpinning Increasing Mine Lives Across Its Portfolio


  • M&A:

  • Doximity (DOCS) has acquired Amion; financial terms were not disclosed


  • Syndicate:

  • Bowman Consulting Group (BWMN) prices offering 1.05 mln shares of common stock at $16.00 per share

  • Cummins (CMI) files mixed securities shelf offering

  • Incyte (INCY) files for 33,433,028 share common stock offering by selling shareholders

  • M3-Brigade Acquisition II Corp. (MBAC) terminates merger agreement with Syniverse by mutual agreement

  • Masco (MAS) files mixed securities shelf offering


  • IPOs:

  • Expected to Price:

  • No IPOs expected to price.



Gapping Up/Down

  • Gapping up:

  • ENPH +19%, NCR +11.3%, DOCS +10.4%, SCSC+9.7%, SEDG +9.4%, PAYC +7.8%, PERI +7.2%, HUBG+7%, RUN +6.9%, CMG +5.8%, XPEV +5.7%, CNO+5.4%, FSLR +5.2%, GFS +5.2%, OMC +5.2%, QGEN+3.8%, FLT +3.7%, XPO +3.7%, XPO +3.7%, TWI+3.3%, KPTI +3.1%, EQNR +3.1%, IIIV +2.8%, RDWR+2.8%, PEAK +2.7%, AJRD +2.4%, JKHY +2.2%, TGI+2%, MODN +1.8%, LAD +1.8%, BHC +1.7%, UMH+1.7%, S +1.6%, NFLX +1.4%, FUBO +1.3%, ONTO+1.1%, APPS +1%, BG +1%, ARCC +1%, MMM +0.9%, SPLK +0.8%, LUV +0.8%, AAPL +0.7%


  • Gapping down:

  • TCS -25.9%, NEWR -24%, ATGE -18.3%, QNST-17.5%, ARGO -15.2%, VREX -10.3%, CMP -8.1%, LBRT -7.4%, USNA -7.2%, ICHR -6.3%, BIG -4.8%, LYFT -4.6%, YUMC -4%, VVV -3.7%, MAS -3.6%, CVS-3.4%, NBR -2.5%, ATO -2.4%, INCY -2.2%, CRSR-2.1%, DCPH -2%, GSK -1.3%, FMC -1.1%, UBER-0.6%, MNDT -0.6%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Admiral Group (AMIGY) upgraded to Buy from Hold at HSBC Securities

  • Advanced Micro (AMD) upgraded to Buy from Outperform at Daiwa Securities; tgt raised to $150

  • Dassault Systemes (DASTY) upgraded to Neutral from Sell at UBS

  • Enphase Energy (ENPH) upgraded to Buy from Hold at Craig Hallum

  • GDS Holdings (GDS) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $60

  • Karyopharm Therapeutics (KPTI) upgraded to Neutral from Underweight at JP Morgan; tgt $8

  • MP Materials (MP) upgraded to Buy from Hold at The Benchmark Company; tgt $47

  • Penn Natl Gaming (PENN) upgraded to Positive from Neutral at Susquehanna; tgt raised to $65

  • Tenet Healthcare (THC) upgraded to Buy from Hold at Truist; tgt $90

  • Thomson Reuters (TRI) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt lowered to $120

  • Vale S.A. (VALE) upgraded to Outperform from Neutral at Exane BNP Paribas; tgt $20.50


  • Downgrades:

  • Argo Group (ARGO) downgraded to Neutral from Buy at Compass Point; tgt $47.50

  • Argo Group (ARGO) downgraded to Outperform from Strong Buy at Raymond James; tgt lowered to $60

  • Big Lots (BIG) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $31

  • Incyte (INCY) downgraded to Underperform from Mkt Perform at SVB Leerink; tgt lowered to $56

  • Willis Towers Watson (WTW) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $240


  • Others:

  • BigBear.ai (BBAI) initiated with a Mkt Perform at William Blair

  • Cvent (CVT) initiated with a Neutral at JP Morgan; tgt $8

  • Constellation Energy (CEG) initiated with an Overweight at KeyBanc Capital Markets; tgt $51

  • Core & Main (CNM) resumed with a Neutral at Citigroup; tgt $25

  • Gevo (GEVO) initiated with a Buy at Citigroup; tgt $5

  • Hippo (HIPO) initiated with a Mkt Outperform at JMP Securities; tgt $4

  • ICHOR Corporation (ICHR) resumed with an Outperform at Cowen; tgt lowered to $50

  • R1 RCM (RCM) initiated with a Buy at Deutsche Bank; tgt $30

  • Safehold (SAFE) initiated with an Overweight at Morgan Stanley; tgt $150

  • TPG Inc. (TPG) initiated with a Market Perform at BMO Capital Markets; tgt $34

  • Tyler Tech (TYL) initiated with a Buy at Truist; tgt $550

  • Veritone (VERI) initiated with a Buy at BofA Securities; tgt $22


Upcoming Events:

  • Econ Data:

  • 07:00 ET: MBA Mortgage Applications Index for Feb. 5 (Briefing.comConsensus NA; Prior 12.0%)

  • 10:00 ET: Wholesale Inventories for Dec. (Briefing.comConsensus 2.0%; Prior 1.4%)

  • 10:30 ET: EIA Crude Oil Inventories for Feb. 5 (Briefing.comConsensus NA; Prior -1.05M)


  • Earnings:

  • Monday (Feb 7)

  • Morning: AMG CRNC CNA ENR GTES HAS ON TSN ZBH

  • Afternoon: ACM AOSL AMGN ACLS BRX CHGG DHT KMT KFRC LEG NUAN PDM PFG RMBS SLQT SPG SSD SNCY TTWO THC TDC VRNS


  • Tuesday (Feb 8)

  • Morning: AGCO ARMK AVNT BP CARR CVE CNC CNHI COTY CTS DD EPC FISV IT HAE HOG INCY KKR LEA MBUU MAS NRZ NVT PFE POLY SPGI SYY TMHC TRI TDG VIRT VSH WMG

  • Afternoon: ATGE AIZ ATO AZTA CMG CNO CMP CRSR CCK DCPH APPS DEI DOCS EGP ENPH ESE FLT FMC GFS PEAK HIW HUBG ICHR INSP JKHY LBRT LYFT MNDT MODN NCR NEWR OMC ONTO PAYC PTON QGEN QNST SCSC SAVE STEP STE TRMB TSE UDR VVV VREX VOYA XPO YUMC


  • Wednesday (Feb 9)

  • Morning: ARCC AVYA BDC BXMT BG CCJ CGC CDW CHEF CME CRTO CVS FOXA HMC IIVI LAD MSGE NNN PAG PFGC RDWR REYN SITC TEVA TGI YUM

  • Afternoon: TWOU AEIS AFG NLY ACGL ASGN BKH CDAY CHX CPA CXW DCP DIOD ENS NVST EQT EFX EQC EEFT RE FR FLNC FWRD ULCC GFL PI IFF IRBT ITT KN RAMP LUMN MFC MAT MDU MESA MGM MC MOH MSI ORLY PEP PPC PAA RPD REXR SGEN SONO SPSC SLF TTMI TWLO TWO UBER UDMY VMEO DIS WTS ZNGA


  • Thursday (Feb 10)

  • Morning: ALNY MT AZN CAMT GOOS ECOM KO CIGI CYBR DDOG DBD DTE DUK FAF GPN GPI HRI HII INMD NSIT IPG K KIM LH LCII LECO LIN MAC MLM MCO PATK PTEN PBF BTU PCG PM PIPR PDS ROLL SSTK SON TPR TTGT TU TUFN TWTR WSO WEX ZBRA

  • Afternoon: ME AFRM AVLR BIO BL BE BHF ELY CSL CC NET COHU CFLT OFC COUR DVA DXCM EQH EXPE FRT FE FLO FRSH GDDY HUBS ILMN NSP FROG MTD MHK MNTV MPWR NWE PRO QLYS REG RSG SSNC TEX RARE UPWK VRSN VCRA WU YELP ZEN ZG


  • Friday (Feb 11)

  • Morning: AB AXL APO ARES BRKR CAE CLF D ENB ESNT FTS G GT GPRE IAA MGA COOP NBIX NWL NMRK PRLB SXT UAA WPC




Asia & Europe detail:

Asia: Nikkei +1.1%, Hang Seng +2.1%, Shanghai Composite +0.8%

Equity indices in the Asia-Pacific region ended the midweek session on a higher note. Bank of Japan policymaker Nakamura said that CPI is expected to continue accelerating and that an improvement in the domestic economy is now evident. Japan's government is expected to increase a gasoline subsidy. Honda's profit decreased 17% yr/yr in Q3 but the company raised its outlook for the year.

  • In economic data:

  • Japan's January Machine Tool Orders 61.4% yr/yr (last 40.5%)

  • Australia's February Westpac Consumer Sentiment -1.3% (last -2.0%)


---Equity Markets---

  • Japan's Nikkei: +1.1%

  • Hong Kong's Hang Seng: +2.1%

  • China's Shanghai Composite: +0.8%

  • India's Sensex: +1.1%

  • South Korea's Kospi: +0.8%

  • Australia's ASX All Ordinaries: +1.1%

---FX---

  • USD/JPY: -0.1% to 115.46

  • USD/CNH: +0.1% to 6.3684

  • USD/INR: +0.1% to 74.78

Europe: DAX +1.7%, FTSE +0.9%, CAC +1.6%

Major European indices trade on a firmly higher note. Bank of France Governor Villeroy de Galhau said that the market's recent reaction to speculation about an ECB rate hike may have been "too strong." France's stats agency expects the country's inflation to accelerate to 3.4% by the middle of the year. Bundesbank President Nagel said that domestic inflation is expected to be significantly above 4.0% in 2022 and that he will advocate for policy normalization if the situation doesn't improve by March. The Central Bank of Iceland raised its key rate by 75 bps to 2.75% in response to hot inflation.

  • In economic data:

  • Germany's December trade surplus EUR6.80 bln (expected surplus of EUR10.40 bln; last surplus of EUR10.80 bln). December Imports 4.7% m/m (expected -1.5%; last 3.4%) and Exports 0.9% m/m (expected -0.2%; last 1.8%). December Current Account surplus EUR23.90 bln (last EUR18.90 bln)

  • Italy's December Industrial Production -1.0% m/m (expected -0.7%; last 2.1%); 4.4% yr/yr (expected 5.0%; last 6.6%)


---Equity Markets---

  • STOXX Europe 600: +1.6%

  • Germany's DAX: +1.7%

  • U.K.'s FTSE 100: +0.9%

  • France's CAC 40: +1.6%

  • Italy's FTSE MIB: +2.2%

  • Spain's IBEX 35: +1.6%

---FX---

  • EUR/USD: +0.2% to 1.1440

  • GBP/USD: +0.3% to 1.3583

  • USD/CHF: -0.2% to 0.9229


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The S&P 500 futures are up 3 points and are trading % above fair value. The Nasdaq 100 futures are up 9 points and are trading roughly in-line with fair value. The Dow Jones Industrial Average futures